The Securities and Exchange Commission has directed all capital market operators to immediately freeze the funds, assets and economic resources of six individuals and three bureau de change firms designated as terrorist financiers by the Nigeria Sanctions Committee.
In a circular issued Friday to Capital Market Regulated Entities, the SEC said the designations were made under the Terrorism Prevention and Prohibition Act 2022. Operators must identify and freeze the assets without prior notice and report any frozen holdings or attempted transactions to the Nigeria Sanctions Committee secretariat.
The six individuals are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim. The three entities are Nine to Nine BDC Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change.
According to the commission, Hammajam was listed on 18 June 2026 for terrorism financing and support to the Islamic State West Africa Province. Usman was designated for providing material support to a designated terrorist organisation through repeated financial transactions. Abubakar was listed for involvement in terrorism financing and ISWAP membership. Chiroma was designated for allegedly using BDC operations and related entities to move funds linked to terrorist activities.
Muktar Muhammad Adamu was listed on 15 June 2026 for providing financial support and facilitating transactions connected to the ISWAP Okene cell financing network. Ibrahim was designated for material and financial support to the ISWAP Kogi cell. The three BDC firms were listed for allegedly facilitating and channelling funds linked to the same Okene network.
Regulated entities must also file suspicious transaction reports with the Nigerian Financial Intelligence Unit for further analysis, treat any name matches in transactions as suspicious whether before or after the sanctions list, and prohibit all dealings with the designated persons and entities. Findings must be reported to the Nigeria Sanctions Committee through its designated channel.
The circular takes immediate effect. Failure to comply will constitute a violation of the Investments and Securities Act 2025 and the SEC’s Anti-Money Laundering/Combating the Financing of Terrorism rules, and may attract fines, suspension of operations or revocation of registration. The commission also reminded operators that all unusual or suspicious transactions must be promptly reported to the NFIU.
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